On 2 May, the Committee on Climate Change published a report on Net Zero – the UK’s contribution to stopping global warming.

Below follows a statement issued by Glennmont Partners’ Peter Dickson in response to this publication:

Technical Partner at Glennmont, Peter Dickson, said:

“We welcome the findings from the Committee on Climate Change’s report advising the UK Government to adopt a target of net-zero emissions by 2050. If we are serious about achieving our decarbonisation goals, policymakers must encourage all forms of renewable power generation. This includes revisiting proposals for developing onshore wind in the UK, while continuing to make progress on deploying large-scale offshore wind and developing new technologies such as Carbon Capture Storage.

Investors are increasingly viewing fossil fuel-based generation plant as potentially stranded assets and are increasingly looking for opportunities to divest into new technologies that help to tackle climate change. Right across the spectrum we are now seeing significant amounts of institutional investment being poured into renewable technologies that is helping to decarbonise the energy system.

We look forward to this being further realised in the next round of Contracts for Difference (CFD) auctions for clean energy projects later this month, where we are expected to see bids below £50 per megawatt hour for the first time. This will be good news for the UK energy industry and underlines our long-held view here that the industrial momentum lies firmly with renewables.”